electroCore, Inc. (NASDAQ: ECOR)

electroCore, Inc. is a bioelectronic technology company that develops and markets noninvasive bioelectronic technologies to improve health and quality of life. The company offers prescription medical devices for treating primary headache and fibromyalgia, and consumer wellness products for general health and human performance. Its prescription products include gammaCore, a handheld vagus nerve stimulation device cleared for migraine and cluster headache, and Quell Fibromyalgia, a wearable neuromodulation device authorized to reduce fibromyalgia symptoms. Consumer wellness products consist of Truvaga, a handheld device for general wellbeing, and TACSTIM, a nonprescription vagus nerve stimulation device sold to military and professional users. electroCore's capabilities cover product development, regulatory compliance, sales and marketing, assembly, intellectual property management, and customer support. The company operates from its facility in Rockaway, New Jersey, serving customers in the United States and select overseas markets.

electroCore generates revenue from the sale of its prescription medical devices and nonprescription wellness products. Prescription product sales come from gammaCore and Quell Fibromyalgia, distributed through prescriptions written by health care providers and filled at specialty pharmacies, government channels, or directly from the company's facility in Rockaway, New Jersey. After the initial prescription, patients can obtain refills with a prescription authorization for certain gammaCore products. Consumer wellness product sales derive from Truvaga and TACSTIM, sold direct to consumer through the company's ecommerce website, online retailers such as Best Buy and Rehabmart, and select employment benefit plans. The company also generates revenue from replacement electrodes for its discontinued over the counter Quell OTC product, which remains available to existing customers. Government contracts, particularly with the United States Department of Veterans Affairs and the United Kingdom National Health Service, represent a significant portion of total sales, with the VA accounting for over 70% of revenue in 2025. Additional revenue comes from open market sales to individual federal facilities and from distribution partners serving military and civilian healthcare systems. The distribution agreement with Lovell Government Services facilitates access to federal procurement channels such as the Federal Supply Schedule, GSA Advantage, VA Distribution and Pricing Agreement, and Defense Logistics Agency's ECAT system. Sales to the United Kingdom National Health Service are conducted under the MedTech Funding Mandate for cluster headache, providing a reimbursement pathway within the NHS.

The company operates through the following segments.

• Prescription Medical Devices: This segment includes gammaCore and Quell Fibromyalgia products, which are FDA cleared prescription medical devices for treating primary headache conditions such as migraine and cluster headache and for reducing fibromyalgia symptoms, sold through prescriptions via specialty pharmacies, government channels, and direct to consumer channels.

• Consumer Wellness Products: This segment includes Truvaga and TACSTIM handheld devices marketed as general wellness and human performance products under FDA low risk guidance, sold direct to consumer through ecommerce sites, retail partners such as Best Buy and Rehabmart, and affiliate influencers who promote the brands through social media and content partnerships.

electroCore operates in the competitive bioelectronic technology and wellness device markets, facing pharmaceutical neuromodulation companies and emerging consumer technology firms. In the prescription headache segment, gammaCore competes with device based therapies such as CEFALY, Nerivio, and Savi Dual, as well as pharmacological treatments including triptans, CGRP antagonists, and botulinum toxin injections. For fibromyalgia, Quell Fibromyalgia competes within the broader transcutaneous electrical nerve stimulation market alongside numerous low cost TENS units and prescription medications like pregabalin, duloxetine, and milnacipran. The company's competitive advantages stem from its proprietary high frequency burst waveform technology that stimulates vagus nerve fibers through the skin, its suite of FDA clearances and Breakthrough Device designations for multiple indications, and an expanding patent portfolio that exceeded 215 patents and applications as of December 2025. Additionally, electroCore benefits from its early mover status in the external vagus nerve stimulator regulatory category, its strong intellectual property protection, and its established government contracts with the United States Department of Veterans Affairs and the United Kingdom National Health Service, which provide recurring revenue streams and barriers to entry for rivals. While large technology companies such as Apple, Amazon, and Google have entered the general wellness space with substantial resources, electroCore differentiates itself through its focus on clinically validated neurostimulation technology and its regulatory cleared medical device status.

electroCore's customer base is divided between government healthcare purchasers and direct to consumer wellness buyers. The company's two largest customers by revenue are the United States Department of Veterans Affairs and the United Kingdom National Health Service, which together accounted for approximately 75% of total revenue in 2025, with the VA contributing about 71.2% and the NHS about 4.4%. In addition to these national agencies, electroCore sells its prescription gammaCore and Quell Fibromyalgia products to individual facilities within the Veterans Health Administration, Military Health System, and Indian Health Services through its Federal Supply Schedule contract and through distribution partners such as Lovell Government Services. The company also serves patients who obtain prescriptions for its medical devices via specialty pharmacies and through the direct to consumer channel for its Truvaga and TACSTIM wellness products, which are purchased by individuals seeking general health improvement and performance enhancement. Furthermore, electroCore maintains relationships with online retailers, affiliate marketers, and employment benefit plans that distribute its consumer wellness products to a broad base of health conscious consumers.